Down
Payment Assistance and Grants for first time home buyers in
Wisconsin.

We have several programs in Wisconsin in
our database with varying levels of down payment assistance.
The average program has approximately $10,000 in available
assistance. All programs have different guidelines and
qualifications. Please click here
to get more information from your local down payment
assistance specialist.

First Time Home buyers can take advantage of down payment
assistance and grants available in Wisconsin. First time home
buyers typically qualify if they have not owned a property in
the last 3 years. If you have owned a property in the last 3
years, you can still qualify for some down payment assistance
programs.

$10,000
to $14,500 based on Area Median Income Percentage % City
Program

First-time
home buyer program which provides principal reduction, down
payment, and closing costs assistance up to $10,000.00. Also,
may provide a grant of up to $1,500.00 for Minimum Housing Standards
repairs. City Program

$14,200
for new construction, $9,500 for resale properties, For new
houses in select target areas, participants may receive up to
$25,000 County Program

FreeDownPayment.org
is a free service from GMAC Real Estate that puts you in touch
with a Realtor in your desired area who specializes in first
time home buyers. Our agents can advise and help you with the
various down payment assistance programs available. Most first
time home buyers don't realize they may qualify for reduced
interest rates and thousands of dollars in FREE money or grants
to help them with obtaining the American Dream.

Top 5 First Time Home Buyer Questions Answered

1. What will a lender look at when I apply for a mortgage?
2. What does it mean to get pre-approved?
3. What if I have had credit problems?
4. What is the minimum down payment I can make on a home?
5. What down payment assistance is available?

1. What will a lender look at when I apply for a mortgage?

Lenders consider many factors in evaluating your loan application,
but they usually focus on four areas:

Income and debt. How much money you make
and what other bills you have to pay helps the lender determine
whether you can afford to make mortgage payments.

Assets. The lender needs to make sure you
have enough money to cover the costs of buying a home.

Credit. Whether you have met other financial
obligations helps the lender predict whether you will repay
your mortgage.

Property. The home you want to buy has to
be worth enough to act as collateral for the mortgage.

2. What does it mean to get pre-approved?

Getting pre-approved means you receive a loan commitment from
your mortgage company before you have found a home, based on
a review of your credit and finances. Having your credit pre-approved
shows sellers that you are a qualified buyer and helps you establish
a clear price range. The process is the same as a typical mortgage
application, except that your application does not include property
information.

3. What if I have had credit problems?

Your credit history is only one factor in qualifying for a
loan, and having made some late payments doesn't have to keep
you from buying a home. Someone who has consistently made payments
on time in the past may have more financing options than someone
who has not, but that doesn't mean a mortgage is off-limits
if you've had credit problems. We may be able to recommend a
variety of mortgage options to help people with less-than-perfect
credit become homeowners and leave credit challenges behind.
Most buyers need at least a 620 FICO score to qualify for federal
downpayment assistance.

4. What is the minimum down payment I can make on a home?

There is generally no minimum down payment required for buying
a home. Many first-time buyers believe they must be able to
put down as much as 20% of a home's purchase price in cash.
That may have been true in the past, but many of the mortgage
options available to today's home-buyers require little or no
down payment. With housing prices as high as they are in some
areas, homeownership would be impossible for many people if
not for these low-down-payment options.

5. What down payment assistance is available?

There are down payment programs available for all types of
buyers. If there is not an available program in your area, there
are charity programs nationwide that can provide assistance
through seller grants. Contact us for more details.